#selfiepay

[clearsg-blog]

Paying with Selfies - the future of mobile payment.

With Amazon filing its ‘payment by selfie’ patent this week and Alibaba, Google and new personal finance management app Neat already incorporating similar technology into their interfaces, facial recognition technology seems to be the new ‘signature’. Exciting times ahead or ludicrous?

http://www.inc.com/neil-c-hughes/if-amazon-has-its-way-soon-youll-be-paying-by-selfie.html

[freedomsfaction]

Public figures like #PresidentBarackObama may be tired of the selfie, but #Mastercard on Monday proved that as a security measure selfies are here to say. The credit card company first tested its facial recognition capabilities in August in the #UnitedStates in October. When making a purchase online from a merchant that requires identity verification, cardholders can authorize the transaction by holding up their phones as if taking a selfie and blinking -- which ensure the cardholder is a live person, not just a photograph -- instead of inputting a password or PIN. Mastercard said on Monday that it’s expanding that technology to 14 countries this summer -- including the U.K., according to the Financial Times. #SelfiePay is intended to ease the process of verifying transactions as consumers make more purchases online and on mobile devices. Plus, it’s thought to be more secure that just punching in a password or PIN. One big motivation behind Mastercard’s expansion of its selfie pay tool is cutting down false declines, which occur when a legitimate transaction is rejected because of suspected fraud. These instances cost the company some $118 billion per year -- 13 times more than the cost of actual fraud. Mastercard’s announcement comes just a few days after #HSBC said it was upping its security measures by introducing so-called #biometricbanking options like #voicerecognition and touch identification to replace traditional passwords. Barclays introduced voice recognition to its private banking division in 2013, and #ApplePay allows customers to okay a purchase on a stored credit card with a fingerprint, too. When it comes to facial recognition, #USAA, which serves U.S. #military members and their families, started offering selfies as logins last year and #Chinese #ecommerce giant #Alibaba said in March that it’s working on facial recognition software that would let customers pay for purchases just by looking at a screen. Even as it expands its selfie pay, Mastercard is developing an even more intimate way for customers to verify their identity like with their heartbeats.

[theappzine]

Selfiepay - An Innovative Way to Make Payments

With several mobile payment options now grabbing the limelight in the market, consumers have started taking a serious interest in the concept. Enter Selfiepay, a mobile payment wallet that makes use of facial recognition for payment verification. The company is a startup located in Atlanta, GA and made its first public appearance back in 2012 when it participated in an accelerator program conducted by Andreessen Horowitz and Google Venture Startups.